Cross Border Insolvency Essay Example | Topics and Well Written Essays - 1250 words

Cross Border Insolvency - Essay Example Within the more advanced legal systems when the latter deals with insolvency and bankruptcy, one usually finds a mechanism which would come in force given certain predetermined circumstances. This mechanism has the scope of actually attempting to minimise the various not so desirable effects, both on the individuals concerned as well as on the business units involved, which a situation of insolvency brings about. It can be said to be a recognition of the fact that a situation of insolvency not only effects the person or company who or which is going through a process of bankruptcy but ultimately effects also the economy as a whole. In fact the amount of bankruptcies currently being undergone within a country is usually taken as an indication of how well that particular economy is faring. In the UK a review Group within the Department of Trade and Industry and HM Treasury opined that the trend seems to favour furthering the rescue culture. Whenever possible emphasis should be laid on the assisting of companies in order that the latter might be placed in a position to as much as possible overcome what may in the ultimate analysis be temporary financial difficulties. It is submitted that in these types of situations, the problem is to assess exactly how temporary is temporary and numerous instances occour when what started off as being temporary resulted in the end of being permanent. In that report the emphasis seemed to be placed on the possible avoidance of liquidation and towards the furthering of a culture of a predisposition towards the preservation of a business unit as a going concern1. Before the coming into force of the 1986 Insolvency Act in the UK, there were three kinds of liquidation procedures, namely members, creditors= and compulsory when the company was insolvent. An alternative rescue mechanism was put in place through the coming into force of The Insolvency Act 1986 called the Voluntary Arrangement procedure. This enabled the companies to enter into a contract with their creditors for the latter to be pay less than their full debts, however it was not so much utilised as it did not allow for the agreeing of a moratorium. The Insolvency Act 2000 introduces a new CVA procedure that includes a moratorium although it should perhaps be mentioned that the new CVA moratorium procedure is only available to companies that satisfy two or more of the requirements for being a small company, as set out in the Companies Act 1985.Another remedy which may be classified as a non-insolvency remedy available to companies is a Scheme of Arrangement under Section 425 of the Companies Act 1985. Such schemes can be complex and have proved to be somewhat difficult to organise. Experience has shown that because of the expense and perhaps other reasons this remedy seems to be used primarily by the larger companies. Individual Voluntary Arrangement (IVA) can be said to be the personal insolvency equivalent of a CVA. In contrast to CVAs, the Insolvency Act 1986 provided a moratorium for those seeking an IVA. However, the Insolvency Act 2000 introduces a simplified procedure for non-traders (i.e. consumer debt cases). In the case the Courts may

WHAt is a documentary film Essay Example | Topics and Well Written Essays - 250 words

WHAt is a documentary film - Essay Example Grierson essentially defined a documentary as â€Å"Creative treatment of actuality.† This paper describes aspects that can be used to distinguish a documentary film. One major factor distinguishing documentary films is their actuality and the fact that they are not scripted. However, some documentaries may be acted ones, used to depict or make the audience visualize and understand how an event may have happened. Documentary film is prepared with a purpose relevant to the audience and is intended to make a difference on their understanding about the subject matter (Nichols, 1992, p. 5-6; Nichols, 2001, p. 1-5). A documentary could be based on a variety of themes, which in clued, morality, politics, aesthetic, or other subjects but must be informative and realistic. Modern day documentaries tend to overlap with other types of films due to invention of reality television where the documentaries appear to have some sense of fictional content (Renov, 2004, p.5-10; Winston, 1995, p. 8-11) A documentary is a type of a film that attempts to document happenings and tries to make them not lose their realism. A number of feature are used in discern a documentary from other films and include the role , the narrative strategy, the actuality of the film, neutrality, the subject matter, and the factual way in which the ideas are

Is there any relationship between Corporate Social Responsibilty and financial performance

Is there any relationship between Corporate Social Responsibilty and financial performance The concept of companies about corporate social responsibility (CSR) has changed over the years. Previously it was viewed only as a phrase that meant administrative conformity and observance of rules and regulations. In recent years however that view has changed and companies are increasingly beginning to realize the important role of corporate social responsibility in winning over the trust and confidence of their customers. Today the business practices of large companies are shaped in such a way as to publicize their ethics and values. Therefore it has become a relevant part of business these days. According to the European Commission (2008), corporate social responsibility is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. (http://ec.europa.eu/index_en.htm) The various recommendations of the European commission regarding corporate social responsibility were that CSR covers social and environmental issues even though its normally known as corporate social responsibility. In an organization, CSR should not be separate from the organizations strategy and functions as the main motto of CSR is about incorporating social and environmental concerns into business strategy and functions. Therefore it is a voluntary concept. An important part of CSR is about how business concerns deal with their internal and external stakeholders that is their employees, customers, public authorities, neighbours, etc. Despite of the costs it may bring upon the business, there are various advantages of employing CSR as a major tool in the business: A company prominently engaged in CSR will be enjoying a better reputation and respect from the public and the good reputation helps the company indirectly in many ways. For example it makes the company easier for recruitment as there is less difficulty for a reputed company to find willing employees. The employees stay longer in the company and are more loyal to the company which is considered as a blessing to the company as they can reduce the costs and effort incurred by recruitment and training. They are also more productive as they are better motivated. A company practicing CSR will probably comply with regulatory requirements. It also helps the company in attaining a good relationship with the local authorities. This can help the business in many ways apart from smoothing its functions. This engagement with the local authorities is a good way to generate positive press coverage. CSR also helps the company to understand the impact of business on the environment which helps to produce new products that are environment friendly. It can also make the business more competitive. Finally CSR reduces the chances of the business reputation going down due to some scandals or allegations. Aim and Objectives: The objective of this dissertation is to find out status of relationship between Corporate Social Performance and Corporate Financial Performance that is whether it is positive or negative or whether there is no relevant relation between them at all. In order to achieve this objective, it will be necessary to: Examine the previous researches done on this topic Identify an index to measure the Corporate Social Performance of companies in UK Measure the financial performance of the relevant companies Discuss the relationship between financial performance and corporate responsibility. Business in the communitys (BITC) Corporate Responsibility index is one of the leading UKs benchmark for companies that voluntarily practice corporate social responsibility. According to their survey results of 2008, 8 companies in the UK achieved the Platinum Plus status which is awarded to the companies with highest CSR ratings. Some of the companies in the top were BT, EDF Energy, National Grid, etc. there is also another recognition called the Community Mark which is awarded by Business in the communitys for companies that has achieved various milestones in long term sustainable benefits to both business and the community. We want to be known as a responsible business that is making a difference to some of the global challenges society faces. We want to be known as an innovative business that is developing solutions that benefit society while supporting long-term growth, creating competitive advantage and building successful relationships with our stakeholders.(www.bt.com) This defines BTs approach to responsible business. One of the top rated companies in the Business in the communitys corporate responsibility index and has been awarder the Community Mark recognition. Literature review: Various studies were conducted to evaluate the relationship between corporate responsibility and financial performance: Konar and Cohen (2001) founded a positive correlation exists between a firms environmental performance and its intangible asset value. The study was conducted on 321 manufacturing firms of the SP 500 firms. They employed two environmental performance measures namely Toxic Release Inventory (TRI) emission levels and pending environment-related litigation. Changes in the intangible asset value were estimated by viewing changes in the firms market value. The study also found out that a reduction in the toxic chemical release to the environment resulted in increased market value for the firm. Stanwick and Stanwick (1998) conducted a survey on 102 to 125 companies listed in Fortune magazines Corporate Reputation Index that also include a complete set of Toxic Release Inventory (TRI) data for a five year period from 1987 to 1992. A firms profitability was measured by yearly profits and was managed for different sized firms by dividing profit numbers by the firms annual sales. And the firms pollution level was measured as total toxic emissions, and then divided by annual sales to balance variance in firms size. The study discovered a significant relation between low emission levels and high profitability for firms that are reputed for corporate responsibility. Dowell et al. (2000) found that firms adopting global environments standard that are well above the required legal benchmarks have higher market value than firms that have par or below par environment standards when compared to the legal standards. The study scrutinized 89 companies of the U.S 500 (SP 500) that have manufacturing or mining operations in developing countries. The samples of companies were then categorize into three environmental classification according to Investor Responsibility Research Center (IRRC) data namely (a) firms which follow local environment standards when operating in developing countries (30% firms were positive in this regard). (b) Firms which follow U.S standards while operating in developing countries (10% firms achieved this). (c) Firms which apply internal environment standards which surpass U.S requirements when operating abroad (60% of the firms). (Monks and Minow, 2004) Jaggie and Freedman (1992) studied specifically 13 firms involved in the pulp and paper manufacturing for the year 1978. An emission index used to measure the environmental performances of the companies was used. The firms that had the highest emission output were categorized with an index of 100 and the rest of the firms were adjusted regarding to that. Then the net income, cash flow/equity ratio and ROA indices were combined, with each of them having equal weights, with these pollutant indices. The outcome of the study showed a negative association between environmental and financial performance. (Shaw and Barry, 2004) Christmann (2000) conducted a survey in 2000 which came to the conclusion that chemical companies which employed innovative, proprietary pollution control techniques have managed significant cost savings, especially the companies that had existing facilities to innovate. The survey was conducted focusing on both cost management and pollution prevention on 512 business divisions of chemical companies in the U.S. cost management data were compared to Compustat share price and dividend data to ensure that it accurately replicated the firms financial performance Cohen, Fenn and Konar (1997) conducted a survey focusing on SP 500 companies. Their surveyors conducted the survey by creating two industry-balanced portfolios namely the higher polluter and lower polluter. They then compared the accounting and market return of both the sides. Their research found that either there was some positive return from investing in the environment or there was no return at all from investing. Blacconiere and Northcut (1997) particularly researched the chemical companies during a period of eight months and determined that companies which were likely to be impacted by adverse environmental legislation suffered collectively negative price returns during the time of the discussion of the legislation and its enactment. They also established that the firms with the largest potential liabilities suffered the greatest share price declines in this regard. Louche (1998) concentrated his study on 40 European countries from various sectors. The financial measures such as ROE, ROA and earnings per share were regressed in the context of environmental variables like CO2 emissions, water consumption and energy consumption. Their results established that there was no significant relationship between environmental welfare spending and financial performance. The companies selected were the ones with clear environmental reports. (Murphy, 2002) Since 1970s more than 100 papers have been published that has investigated the relationship between corporate social responsibility (CSR) and financial performance. These studies conclude that there is a strong evidence of positive relationship between a company that is financially sound and socially responsible. For example the London Business School conducted 80 studies on CSR, out of which 42 presented with positive impact, 4 showed negative outcome and 19 showed no correlation. The rest presented with mixed outcomes. Methodology: The primary research will be carried out to find the relationship using the market model ÃŽÂ ² for the companies that are listed in FTSE-100. A sample of 35 companies listed in the FTSE-100 taken. The study is conducted using the regression model after taking ÃŽÂ ² for the stock estimated for two periods, one before the inclusion in the BITCs Corporate Responsibility Index and the next after the inclusion. The study design to be employed here is the Regression Model with the ÃŽÂ ² for the stocks estimated for two periods, the first before being included in the BITCs CR Index and the next after their inclusion. Measurement of financial performance: The financial performance is calculated with the assessment of Measures of Financial Risk which is summed up by Total Risk (Standard Deviation of monthly returns) and systematic market risk. Measurement of social responsibility: The Business in the Community launched its Environment Index in 1996 to help companies benchmark their environmental management and performance. In 2002, member companies requested a mechanism to benchmark their other activities, so Business in the Community developed the broader CR Index to assess their impacts on the community, marketplace and workplace through their operations, products and services, and interaction with key stakeholders. Performance Band: Platinum : à ¢Ã¢â‚¬ °Ã‚ ¥95% Gold : 90 94.5% Silver : 80 89.5% Bronze : 70 79.5% (www.bitc.org.uk) In addition to this, interviews with the managers of some companies should be conducted to get a detailed view of their policies and opinion. This is done to compare the results of the previous analysis with the managers point of view. Also interviews and email communications with some research agencies should be carried out to get attain relevant information. Some of the agencies are European Academy of Business in Society (EABIS) Business and Human Rights Resource Centre Ethical Investment Research Service (EIRIS) The data resulting from these researches will be examined and analysed. This project will involve the analysis of both the quantitative and qualitative data. The external research will be conducted through reading and identifying the findings of published material like magazines, journals, newspapers and other media. The financial performance will contain both the quantitative and qualitative data. The market model ÃŽÂ ² coefficient will produce the quantitative data while the financial analysis will require the qualitative data as well. The results could be displayed in the form of graphs, spreadsheets and pictures. Therefore it will contain both the qualitative and quantitative data. The qualitative data that comes from the managers, for example the relevance of social responsibility will aid in the analysis, verification and conclusion of the relationship between corporate social responsibility and corporate financial performance. The financial data for the sample of 35 UK companies listed could be obtained from the Financial Times Stock Exchange where the stock prices of the companies are available on a daily, monthly and yearly basis. This will facilitate in the finding of the value ÃŽÂ ². Then the BITCs Corporate Responsibility Index could be used to measure the social responsibility variable of the companies which is available on the internet. Finally data will be acquired from sources like magazines, books, articles, official websites of companies, journals, company reports, research agencies etc. Conclusion: This dissertation aims to find out the relationship correlation between the financial performance and the social responsibility of the companies as there is an increasing need in todays world in the face of issues like global warming, ozone layer depletion, wildlife endangerment, increasing pollution, lack of drinking water, etc. nowadays companies and businesses adopting a policy of social and environmental awareness is essential for making the world a better place to live. REFERENCES: Monks, A.G Minow, Nell, 2004. Corporate Governance. 3rd edition. Oxford: Blackwell Publishing. Shaw, William.H Barry, Vincent, 2004. Moral Issues in Business. 9th edition. USA: Thomson Learning Inc. Murphy, Christopher.J, 2002. Profitable Correlation between Environmental and Financial Performance. www.bitc.org.uk www.bt.com http://ec.europa.eu/index_en.htm

Use of Ethos in Political Campaigning :: Persuasion Rhetorical Analysis Essays

Use of Ethos in Political Campaigning Political campaigning, is it annoying? Many people would agree that it is, but if one looks closely behind the face value of the so-called annoying promotion, one may find a soon to be political figure using a perfect example of persuasion known as rhetoric. Breaking down the rhetorical theories applied to a campaign image can make the political figure seem a lot more interesting. Al Gore and the Democratic party, for example, used name and reputation to run for president of the United States in 2000. An advertisement found on the internet in 1999/2000 proves use of the three theories of rhetoric- ethos, pathos, and logos. Aristotle was one of the first persons to use rhetoric as well as apply it to speech and writing. By referencing to the rhetoric used, one can see how this ancient style of persuasion has lasted long into the twenty-first century. One can also see how rhetoric works on us as a society today. In a photogragh produced by the Democratic party of 1999/2000 situated ethos was used to promote Al Gore. He was vice president in the same year the advertisement was promoting him, and was using his reputation as vice president to run for president. So it was only fitting that Al Gore would be centered in the photograph. He was not the main focus of the photograph, but definitely big part of the advertisement. The main focus of the advertisement was the text. The text was very easy to notice with a background that appeared to be a hand-painted city of many colors. The city seemed to be something much like what one would see on a cartoon. In large, white print painted over the colorful city were the words A Voice for Working Families. By using this text the Democratic party was using honorific language (pathos). The colorful background could be interpreted as pathos by appealing to the audience visually. The text was being used as a tool to relate and speak to primarily middle Americans also known as the blue collars of society. With this text Al Gore was saying without speaking, he could relate on their level and he was willing to be their voice in government. Al Gore was using positive text by letting the Americans in the middle class know that he was taking their concerns seriously. As well as the city of colors, the white text, and Al Gore there were four people in the advertisement.

Who committs suicide in prison more males or females

Research Paper In January 2012 Freddie Dabneylll died by driving His Car into the James River. Authorities ruled that the cause of Death was suicide. The Suicide rate in Virginia has been continually rising. In 2011/2012 it was reported that the suicide rate reached an all time high at 13 Suicides in one year. This has been the highest number of suicides in Virginia for almost a decade. According to the States Medical Examiner Office, Virginians' are three times more likely to die from a Suicide then a Homicide.The Medical Examiner's Office said that the stress of Unemployment, elationship problems, and the lack to access Mental Health Resources all played a part in the rising Suicide numbers. Suicide is the act of a person taking His or Her own Life. Who is more likely to commit suicide in prison males or Females? Is there a way that we can prevent Suicide? Suicide can be prevented; most people who commit Suicide do show signs of constant stress and frustration or Depression. Virgin ia Department of Health) 90% or People who kill themselves have a Diagnosable and treatable Mental Illness. Suicide is the 10th leading cause of death in The United States of America. In 2007 the Number of People who died from Suicide was 34,598. 395,320 people were treated in emergency departments for self inflicting Injuries. The numbers of attempted suicides are always higher than suicide, it is estimated that there are 25 attempted suicides for every suicide. Females from Virginia reported that they had Mental Health Disorders more than Males.For Males that's not good because reporting that you have a Mental health Disorder means that you actually went to get help and receive treatment, and when it comes to that females seek help more than Males. Medical Examiner's Office 2008) In 2007 the CDC (Center of Disease Control) in Virginia conducted a survey to Measure attitudes regarding Mental Health Issues. 90% of Virginians agreed with the statement â€Å"Treatment can help person s who have Mental Illnesses†. Only 54% Virginians agreed with the statement â€Å"People are caring and sympathetic to others that has a Mental Disorder.Suicide can be prevented we just have be willing to be more caring and concerned about people who has Mental Disorders. Between 2008 and 2011 there were 4,344 Suicide Deaths in a 5-Year Suicide rate of 1 1. 4 per 100,000 people Population in Virginia. Suicide was the 7th leading cause of Death in Virginia. (Virginia Health Department2008) During this Period of time the leading Mechanism of committing Suicide was Firearms (57. 3%) The second leading Mechanism was Suffocation (18. 6%). The rest of Mechanisms of fall (1 . 73%), Drowning (1. 38%), (1. 5%) of suicides were by other means.Virginians of the age 30 and older has the highest rate of Suicide; the suicide rate for people 35 and older was 18. 6 per 100,000. The second age group that had the Highest Suicide rate was youth 15-25 years old. Youth from the age 15-25 years ol d had a Suicide rate of 15. 5 per 100,000. In 2004 to 2008 there were a total of 3,420 Suicides, so from 2008 to 2011 the amounts of Suicides increased over a thousand. (Medical Examiner Office Of Virginia2008) The Suicide rate for Males in Virginia was 3. 6 times higher than Females. The Male Suicide rate was 17. per 100,000; the Female Suicide rate was 5. 2 per 100,000. The leading cause of Suicide for males was the use of Firearms. Out of all the Males that committed Suicide63. 5% of them used Firearms to commit Suicide. For Females the leading cause of Suicide was Poisoning, 38. 8% of females that committed Suicide did it by poisoning their selves. The Suicide rate for race varies but no race significantly outweighs the other. Even though the Suicide rate for Caucasians in Virginia are higher than the other races in Virginia, the Suicide rate in Virginia for a Caucasian person rate is only 2. times higher than African American person in Virginia. Suicide is the Leading Cause of Death for Inmates in Custody. In 2009 303 Inmates died due to the action of Suicide. The total Number of Suicides in prison for both Male and Females is 2,894. Sadly the Total number of Suicides for Male Inmates was 2,661, and for Female inmates were 232. Why do Male Inmates commit suicide ore than Female Inmates? There are more male Inmates than Female Inmates. In 2009 the males made up most of the Jail Population, 88% percent of the Jail population was males.Suicide rates in Jail have decreased every year 2008-2011. The Suicide rate went from 49 Deaths per 100,000 to 36 Deaths per 100,000. The male suicide rate was 43 per 100,000 Inmates in custody, and the Female Inmate rate was 12 deaths per 100,000. Though There More males in Prison that Females why is a Male 3 times more likely to commit suicide? When being Incarcerated Female Inmates receive more constant therapy and counseling than Male Inmates. In 1993 the BOP(Board of prisons) developed a special program for Female Inmates .This is special help for Female Inmates and its mainly used for them because its proven that a Female is 5 times less likely to commit a violent crime than a Male. This program is almost like a second chance in life. (U. S. Department of Justice Programs2009) When a Female is arrested and charged for a crime, their time to serve and sentence is lenient when compared to Males. During Incarceration Female Inmates receive Educational and Recreation programs. They also are given an opportunity to take Job Training and programs to assist Female Inmates to be better Woman, This as implemented by the U.S Department of Labor. The BOP offers Females Inmates the best Rehabilitation programs possible. Female Inmates apprenticeship programs offer special classes that give Females an opportunity to pick up a Trade. There are up to 40 different Trade programs for Female Inmates. The BOP also has special Mental Health Disorder Programs for Female Inmates. Remember Mental Health In 1994 A sheriff by the Name of Jim Pendegraph made a commitment to improve the treatment Programs for Male Inmates. These programs are supposed to help Male Inmates and address the reason why they are incarcerated.These Programs include Therapeutic, educational and Literacy Programs, While Incarcerated Male Inmates who are eligible may be allowed to receive treatment. This isn't a Law Implemented by the BOP though, this is something a Local Sheriff came up with to better the Community. It is known that while in Prison Females receive more treatment and better opportunities to better themselves than Males. Female Inmates also receive More Therapy for Mental Health Disorders than Males. Because of the advantages that Female Inmates have over Male Inmates this is the reason why Males commit Suicide More than Females.In Society period Males commit Suicide more than Females, because Females get treated more for their Mental Health Disorders that Males. When a Female has a Mental Health Disorder she is m ore likely to report it and attempt to receive Help. Males don't report the fact that they have mental issues and this risk factor is the main reason Males commit Suicide more than Females. (Medical Examiner's Office of Virgin2009) Suicide in Virginia and in the U. S is a problem that needs to be approach and talk about more in Society. Only 54% of people in Virginia agreed with the fact that people are caring to others that.

Perspective of Deviance in Society

IntroductionSociologists define deviance as actions or behaviors considered to be against the cultural norms and formally accepted rules like laws as well as going against the social norms of a particular society. Sociologists consider deviance to be the opposite of conformity; the two opposing behaviors are what characterize social life. To sociologists, the term deviance behavior is conferred on individuals based on some acts by social definition. However, these social definitions of what constitutes deviant behaviors would vary from time to time, society to society and from place to place (Schaefer, 2008).In this paper I will undertake to explain the perspective of two different authors – Rosenhan and Eqbal about what constitutes deviance behavior as far as different societies are concerned. Rosenhan was bother by how society labeled those they considered insane and therefore undertook a study to find out how hospital authorities treated those admitted as insane (Rosenhan, 1973). From his analysis of what transpired when his associates were held in the hospitals for much longer period despite the fact that they were never insane, he concluded that the staff officials were perpetuating the societal definition of insanity.According to rosenhan, the staff cannot to be blamed at all neither can they be considered incompetent nor dishonest because they were carrying out their work effectively (Rosenhan, 1973). The staff officials were not concerned with making conscious efforts to overturn the label which the society had accorded these individuals. He argued that the label given to these individuals were so strong that it influenced how information about them was processed and perceived which therefore explained why the officials were reluctant to release them from hospital.According to him, the wrong perception of the behavior by the staff officials led to the labeling which profoundly affected other’s perception about his associates. He concluded that had the officials observed the same behaviors from a different perspective, the interpretation about these people would have been entirely different (Rosenhan, 1973) Eqbal’s â€Å"Terrorism: Theirs and Ours† offers a thorough analysis of the term deviance (Eqbal, 1998). The man who had an Arabic origin was greatly disturbed by people’s perception of the term terrorism.He argued the world societies lack consistency in defining terrorism and had therefore come up with different definitions that suit their interest and appeal to their cause. According, to him the definition has always changed over the years with the new developments in the world and has been use to further some people’s cause. He argued that people have missed the point when it comes to the definition of the term terrorism as some people are labeled terrorist by others. From Eqbal speech, it is clear to understand that what people consider deviance may change with time and place.For ins tance, he argued today’s terrorist was a yesterday’s hero and a hero today is a yesterday’s terrorist. Therefore, society’s definition of deviance behavior will always be inconsistent because what one group of people considers deviance may not be viewed the same by another group of people not only in place but also over time (Eqbal, 1998). Authors Views of Deviance The two authors share the same view of what constitutes deviance. Rosenhan is concerned with the tendency of the society to make rash judgment of what is deviance.He considered the definition of normal and abnormal behavior by the society as what would determine how a person is treated by those around him (Rosenhan, 1973). Like Rosenhan, Eqbal agrees that the society would be quick to judged others and condemn them as deviants based on generalizations or unfounded rumors. The two authors were very much concerned about the consequences of labeling on the individuals as well as the society as who le. According to Eqbal, the western misconception of terrorism had led to the continued attacks by the Arab world.He said that the western world had continually considered terrorism as an attack against western civilization which therefore vindicates the terrorist’s ideologies of using it to justify their cause. In a nutshell, eqbal considers deviance as a making of the society. He argued that while there are various forms of terrorist, the world has totally lost the meaning of the term and has therefore embarked on what he considers as labeling others’ behavior as abnormal to suit our cause.He considered the western political tyranny over other nations and the bloody attacks perpetuated by the Arab world as one and the same thing – terrorism and what differentiate them are probably the western society’s emotive definitions (Eqbal, 1998). Rosenhan made a point in his analysis of how society discriminatively separates the â€Å"normal† from the â₠¬Å"abnormal†. He argued that erratic labeling of others as acting or behaving abnormally may have serious repercussions on the societal wellbeing as well as on an individual’s life (Rosenhan, 1973).According to him the society’s misconception of what is abnormal behavior may lead one to a condemn life of loneliness. As his analysis of erratic diagnosis of sane persons as insane shows, one may be wrongfully put under rehabilitation program when actually the person is sound in mind. If professionals like psychiatrists, counselors, and psychologists can wrongfully diagnose a person and put him in a mental hospital what would the society become if we start labeling others based on unsubstantiated rumors?(Rosenhan, 1973). Deviance and Society Rosenhan views deviance as a product of the societal misconception of what truly constitutes unwanted behaviors (Rosenhan, 1973). He considered the labeling of others as either deviant or normal as a manifestation of the societyà ¢â‚¬â„¢s rash judgment of behavior. If only the society can observe the behaviors of others correctly, then the labeling would cease to be. His analysis takes into account the role of place and time as a factor in determining what deviance is and is not.Any person going into a mental hospital is considered abnormal by the society and as long as one is admitted he would remain to be so no matter his improvement or current state. Eqbal understands that deviance is not only a product of a difference in social and cultural background, but also a product of evolution. To him what one society considers deviance is considered normal in another society and what is celebrated today as a good act is today frown upon as an abnormal behavior.He said that what we presume as terrorist acts today may not be so tomorrow (Eqbal, 1998). Conclusion Every society and group of people has got social and cultural norms which define what constitutes abnormal and normal behavior. However, the norms and rule s are subjects of change and just as they are varied across societies, they would be varied across time within the same society. As the societies evolve, the social norms and rules would also change and therefore definitions of deviance. References Eqbal, A. (1998, October, 12). Terrorism: Theirs and Ours. A Presentation at the University of Colorado, Boulder, Retrieved on July 16, 2010, from http://webcache.googleusercontent.com/search?q=cache:72B6RATUyqAJ:www.sangam.org/ANALYSIS/Ahmad.htm+Ahmad,+Eqbal.+1998.+%22Terrorism:+Theirs+and+Ours.&cd=1&hl=en&ct=clnk&gl=ke&client=firefox-a Rosenhan, D. (1973). On Being Sane In Insane Places. Science, 179, 250-258. p. 253. Schaefer, R.T. (2008) Sociology Matters 4th edition, McGraw-Hill: New York   

Accounting Standard 7 Essay Example

Accounting Standard 7 Essay Example Accounting Standard 7 Essay Accounting Standard 7 Essay Accounting Standard (AS) 7* (revised 2002) Construction Contracts (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 . Accounting Standard (AS) 7, Construction Contracts (revised 2002), issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of all contracts entered into during accounting periods commencing on or after 1-4-2003 and is mandatory in nature2 from that date. Accordingly, Accounting Standard (AS) 7, ‘Accounting for Construction Contracts’, issued by the Institute in December 1983, is not applicable in respect of such contracts. Early application of this Standard is, however, encouraged. The following is the text of the revised Accounting Standard. Objective The objective of this Statement is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is * Originally issued in December 1983 and titled as ‘Accounting for Construction Contracts’. Attention is specifically drawn to paragraph 4. 3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 1 Reference may be made to the section titled ‘Announcements of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India’ appearing at the beginning of this Compendium for a detailed discussion on the implications of the mandatory status of an accounting standard. 2 110 AS 7 (revised 2002) performed. This Statement uses the recognition criteria established in the Framework for the Preparation and Presentation of Financial Statements to determine when contract revenue and contract costs should be recognised as revenue and expenses in the statement of profit and loss. It also provides practical guidance on the application of these criteria. Scope 1. This Statement should be applied in accounting for construction contracts in the financial statements of contractors. Definitions 2. The following terms are used in this Statement with the meanings specified: A construction contract is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. A fixed price contract is a construction contract in which the contractor agrees to a fixed contract price, or a fixed rate per unit of output, which in some cases is subject to cost escalation clauses. A cost plus contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus percentage of these costs or a fixed fee. 3. A construction contract may be negotiated for the construction of a single asset such as a bridge, building, dam, pipeline, road, ship or tunnel. A construction contract may also deal with the construction of a number of assets which are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use; examples of such contracts include those for the construction of refineries and other complex pieces of plant or equipment. 4. For the purposes of this Statement, construction contracts include: (a) contracts for the rendering of services which are directly related Construction Contracts 111 o the construction of the asset, for example, those for the services of project managers and architects; and (b) contracts for destruction or restoration of assets, and the restoration of the environment following the demolition of assets. 5. Construction contracts are formulated in a number of ways which, for the purposes of this Statement, are classified as fixed price contracts and cost plus contracts. Some construction contracts may contain characteristics of both a fixed price con tract and a cost plus contract, for example, in the case of a cost plus contract with an agreed maximum price. In such circumstances, a contractor needs to consider all the conditions in paragraphs 22 and 23 in order to determine when to recognise contract revenue and expenses. Combining and Segmenting Construction Contracts 6. The requirements of this Statement are usually applied separately to each construction contract. However, in certain circumstances, it is necessary to apply the Statement to the separately identifiable components of a single contract or to a group of contracts together in order to reflect the substance of a contract or a group of contracts. . When a contract covers a number of assets, the construction of each asset should be treated as a separate construction contract when: (a) separate proposals have been submitted for each asset; (b) each asset has been subject to separate negotiation and the contractor and customer have been able to accept or reject that part of the contract relating to each asset; and (c) the costs and revenues of each asset can be identified. 8. A group of contracts, whether with a single customer or with several customers, should be treated as a single construction contract when: (a) the group of contracts is negotiated as a single package; (b) the contracts are so closely interrelated that they are, in effect, part of a single project with an overall profit margin; and 112 AS 7 (revised 2002) (c) the contracts are performed concurrently or in a continuous sequence. 9. A contract may provide for the construction of an additional asset at the option of the customer or may be amended to include the construction of an additional asset. The construction of the additional asset should be treated as a separate construction contract when: (a) the asset differs significantly in design, technology or function from the asset or assets covered by the original contract; or (b) the price of the asset is negotiated without regard to the original contract price. Contract Revenue 10. Contract revenue3 should comprise: (a) the initial amount of revenue agreed in the contract; and (b) variations in contract work, claims and incentive payments: (i) to the extent that it is probable that they will result in revenue; and (ii) they are capable of being reliably measured. 1. Contract revenue is measured at the consideration received or receivable. The measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. The estimates often need to be revised as events occur and uncertainties are resolved. Therefore, the amount of contract revenue may increase or decrease from one period to the next. For example: (a) a contractor and a customer may agree to variations or claims that increase or decrease contract revenue in a period subsequent to that in which the contract was initially agreed; b) the amount of revenue agreed in a fixed price contract may increase as a result of cost escalation clauses; (c) 3 the amount of contract revenue may decrease as a result of See also Accounting Standards Interpretation (ASI) 29 published elsewhere in this Compendium. Construction Contracts 113 penalties arising from delays caused by the contractor in the completion of the contract; or (d) when a fixed price contract involves a fixed price per unit of output, contract revenue increases as the number of units is increased. 2. A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. A variation may lead to an increase or a decrease in contract revenue. Examples of variations are changes in the specifications or des ign of the asset and changes in the duration of the contract. A variation is included in contract revenue when: (a) it is probable that the customer will approve the variation and the amount of revenue arising from the variation; and b) the amount of revenue can be reliably measured. 13. A claim is an amount that the contractor seeks to collect from the customer or another party as reimbursement for costs not included in the contract price. A claim may arise from, for example, customer caused delays, errors in specifications or design, and disputed variations in contract work. The measurement of the amounts of revenue arising from claims is subject to a high level of uncertainty and often depends on the outcome of negotiations. Therefore, claims are only included in contract revenue when: (a) negotiations have reached an advanced stage such that it is probable that the customer will accept the claim; and (b) the amount that it is probable will be accepted by the customer can be measured reliably. 14. Incentive payments are additional amounts payable to the contractor if specified performance standards are met or exceeded. For example, a contract may allow for an incentive payment to the contractor for early completion of the contract. Incentive payments are included in contract revenue when: (a) the contract is sufficiently advanced that it is probable that the specified performance standards will be met or exceeded; and (b) the amount of the incentive payment can be measured reliably. 114 AS 7 (revised 2002) Contract Costs 15. Contract costs should comprise: (a) costs that relate directly to the specific contract; (b) costs that are attributable to contract activity in general and can be allocated to the contract; and (c) such other costs as are specifically chargeable to the customer under the terms of the contract. 6. Costs that relate directly to a specific contract include: (a) site labour costs, including site supervision; (b) costs of materials used in construction; (c) depreciation of plant and equipment used on the contract; (d) costs of moving plant, equipment and materials to and from the contract site; (e) costs of hiring plant and equipment; (f) costs of design and technical assistance that is directl y related to the contract; the estimated costs of rectification and guarantee work, including expected warranty costs; and g) (h) claims from third parties. These costs may be reduced by any incidental income that is not included in contract revenue, for example income from the sale of surplus materials and the disposal of plant and equipment at the end of the contract. 17. Costs that may be attributable to contract activity in general and can be allocated to specific contracts include: (a) insurance; Construction Contracts 115 b) costs of design and technical assistance that is not directly related to a specific contract; and (c) construction overheads. Such costs are allocated using methods that are systematic and rational and are applied consistently to all costs having similar characteristics. The allocation is based on the normal level of construction activity. Construction overheads include costs such as the preparation and processing of construction personnel payroll. Costs that may be attributable to contract activity in general and can be allocated to specific contracts also include borrowing costs as per Accounting Standard (AS) 16, Borrowing Costs. 18. Costs that are specifically chargeable to the customer under the terms of the contract may include some general administration costs and development costs for which reimbursement is specified in the terms of the contract. 19. Costs that cannot be attributed to contract activity or cannot be allocated to a contract are excluded from the costs of a construction contract. Such costs include: (a) general administration costs for which reimbursement is not specified in the contract; (b) selling costs; (c) research and development costs for which reimbursement is not specified in the contract; and (d) depreciation of idle plant and equipment that is not used on a particular contract. 20. Contract costs include the costs attributable to a contract for the period from the date of securing the contract to the final completion of the contract. However, costs that relate directly to a contract and which are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably and it is probable that the contract will be obtained. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs when the contract is obtained in a subsequent period. 116 AS 7 (revised 2002) Recognition of Contract Revenue and Expenses 21. When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract should be recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the reporting date. An expected loss on the construction contract should be recognised as an expense immediately in accordance with paragraph 35. 22. In the case of a fixed price contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied: (a) total contract revenue can be measured reliably; (b) it is probable that the economic benefits associated with the contract will flow to the enterprise; (c) both the contract costs to complete the contract and the stage of contract completion at the reporting date can be measured reliably; and (d) the contract costs attributable to the contract can be clearly identified and measured reliably so that actual contract costs incurred can be compared with prior estimates. 3. In the case of a cost plus contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied: (a) it is probable that the economic benefits associated with the contract will flow to the enterprise; and (b) the contract costs attributable to the contract, whether or not specifically reimbursable, can be clear ly identified and measured reliably. 24. The recognition of revenue and expenses by reference to the stage of completion of a contract is often referred to as the percentage of completion method. Under this method, contract revenue is matched with the contract Construction Contracts 117 costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed. This method provides useful information on the extent of contract activity and performance during a period. 25. Under the percentage of completion method, contract revenue is recognised as revenue in the statement of profit and loss in the accounting periods in which the work is performed. Contract costs are usually recognised as an expense in the statement of profit and loss in the accounting periods in which the work to which they relate is performed. However, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 35. 26. A contractor may have incurred contract costs that relate to future activity on the contract. Such contract costs are recognised as an asset provided it is probable that they will be recovered. Such costs represent an amount due from the customer and are often classified as contract work in progress. 7. When an uncertainty arises about the collectability of an amount already included in contract revenue, and already recognised in the statement of profit and loss, the uncollectable amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue. 28 . An enterprise is generally able to make reliable estimates after it has agreed to a contract which establishes: (a) each party’s enforceable rights regarding the asset to be constructed; (b) the consideration to be exchanged; and (c) the manner and terms of settlement. It is also usually necessary for the enterprise to have an effective internal financial budgeting and reporting system. The enterprise reviews and, when necessary, revises the estimates of contract revenue and contract costs as the contract progresses. The need for such revisions does not necessarily indicate that the outcome of the contract cannot be estimated reliably. 29. The stage of completion of a contract may be determined in a variety 118 AS 7 (revised 2002) of ways. The enterprise uses the method that measures reliably the work performed. Depending on the nature of the contract, the methods may include: (a) the proportion that contract costs incurred for work performed upto the reporting date bear to the estimated total contract costs; or (b) surveys of work performed; or (c) completion of a physical proportion of the contract work. Progress payments and advances received from customers may not necessarily reflect the work performed. 30. When the stage of completion is determined by reference to the contract costs incurred upto the reporting date, only those contract costs that reflect work performed are included in costs incurred upto the reporting date. Examples of contract costs which are excluded are: (a) contract costs that relate to future activity on the contract, such as costs of materials that have been delivered to a contract site or set aside for use in a contract but not yet installed, used or applied during contract performance, unless the materials have been made specially for the contract; and (b) payments made to subcontractors in advance of work performed under the subcontract. 31. When the outcome of a construction contract cannot be estimated reliably: (a) revenue should be recognised only to the extent of contract costs incurred of which recovery is probable; and (b) contract costs should be recognised as an expense in the period in which they are incurred. An expected loss on the construction contract should be recognised as an expense immediately in accordance with paragraph 35. 32. During the early stages of a contract it is often the case that the outcome of the contract cannot be estimated reliably. Nevertheless, it may be probable that the enterprise will recover the contract costs incurred. Therefore, contract Construction Contracts 119 revenue is recognised only to the extent of costs incurred that are expected to be recovered. As the outcome of the contract cannot be estimated reliably, no profit is recognised. However, even though the outcome of the contract cannot be estimated reliably, it may be probable that total contract costs will exceed total contract revenue. In such cases, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 35. 33. Contract costs recovery of which is not probable are recognised as an expense immediately. Examples of circumstances in which the recoverability of contract costs incurred may not be probable and in which contract costs may, therefore, need to be recognised as an expense immediately include contracts: (a) which are not fully enforceable, that is, their validity is seriously in question; (b) the completion of which is subject to the outcome of pending litigation or legislation; (c) relating to properties that are likely to be condemned or expropriated; (d) where the customer is unable to meet its obligations; or (e) where the contractor is unable to complete the contract or otherwise meet its obligations under the contract. 4. When the uncertainties that prevented the outcome of the contract being estimated reliably no longer exist, revenue and expenses associated with the construction contract should be recognised in accordance with paragraph 21 rather than in accordance with paragraph 31. Recognition of Expected Losses 35. When it is probable that total contract costs wil l exceed total contract revenue, the expected loss should be recognised as an expense immediately. 36. The amount of such a loss is determined irrespective of: (a) whether or not work has commenced on the contract; 120 AS 7 (revised 2002) (b) the stage of completion of contract activity; or (c) the amount of profits expected to arise on other contracts which are not treated as a single construction contract in accordance with paragraph 8. Changes in Estimates 37. The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs. Therefore, the effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate (see Accounting Standard (AS) 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies). The changed estimates are used in determination of the amount of revenue and expenses recognised in the statement of profit and loss in the period in which the change is made and in subsequent periods. Disclosure 38. An enterprise should disclose: (a) the amount of contract revenue recognised as revenue in the period; (b) the methods used to determine the contract revenue recognised in the period; and (c) the methods used to determine the stage of completion of contracts in progress. 39. An enterprise should disclose the following for contracts in progress at the reporting date: (a) the aggregate amount of costs incurred and recognised profits (less recognised losses) upto the reporting date; (b) the amount of advances received; and (c) the amount of retentions. 40. Retentions are amounts of progress billings which are not paid until the satisfaction of conditions specified in the contract for the payment of such Construction Contracts 121 amounts or until defects have been rectified. Progress billings are amounts billed for work performed on a contract whether or not they have been paid by the customer. Advances are amounts received by the contractor before the related work is performed. 41. An enterprise should present: (a) the gross amount due from customers for contract work as an asset; and (b) the gross amount due to customers for contract work as a liability. 42. The gross amount due from customers for contract work is the net amount of: (a) costs incurred plus recognised profits; less (b) the sum of recognised losses and progress billings for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. 43. The gross amount due to customers for contract work is the net amount of: (a) the sum of recognised losses and progress billings; less (b) costs incurred plus recognised profits for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses). 4. An enterprise discloses any contingencies in accordance with Accounting Standard (AS) 4, Contingencies and Events Occurring After the Balance Sheet Date4 . Contingencies may arise from such items as warranty costs, penalties or possible losses. Pursuant to AS 29, Provisions, Contingent Liabilities and Contingent Assets, becoming mandatory in respect of accounting period s commencing on or after 1-42004, all paragraphs of AS 4 that deal with contingencies stand withdrawn except to the extent they deal with impairment of assets not covered by other Indian Accounting Standards. Reference may be made to Announcement XX under the section titled Announcements of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India appearing at the beginning of this Compendium. 4 122 AS 7 (revised 2002) Appendix The appendix is illustrative only and does not form part of the Accounting Standard. The purpose of the appendix is to illustrate the application of the Accounting Standard to assist in clarifying its meaning. Disclosure of Accounting Policies The following are examples of accounting policy disclosures: Revenue from fixed price construction contracts is recognised on the percentage of completion method, measured by reference to the percentage of labour hours incurred upto the reporting date to estimated total labour hours for each contract. Revenue from cost plus contracts is recognised by reference to the recoverable costs incurred during the period plus the fee earned, measured by the proportion that costs incurred upto the reporting date bear to the estimated total costs of the contract. The Determination of Contract Revenue and Expenses The following example illustrates one method of determining the stage of completion of a contract and the timing of the recognition of contract revenue and expenses (see paragraphs 21 to 34 of the Standard). (Amounts shown hereinbelow are in Rs. lakhs) A construction contractor has a fixed price contract for Rs. 9,000 to build a bridge. The initial amount of revenue agreed in the contract is Rs. 9,000. The contractor’s initial estimate of contract costs is Rs. 8,000. It will take 3 years to build the bridge. By the end of year 1, the contractor’s estimate of contract costs has increased to Rs. 8,050. In year 2, the customer approves a variation resulting in an increase in contract revenue of Rs. 200 and estimated additional contract costs of Rs. 150. At the end of year 2, costs incurred include Rs. 100 for standard materials stored at the site to be used in year 3 to complete the project. The contractor determines the stage of completion of the contract by Construction Contracts 123 alculating the proportion that contract costs incurred for work performed upto the reporting date bear to the latest estimated total contract costs. A summary of the financial data during the construction period is as follows: (amount in Rs. lakhs) Year 1 Year 2 Year 3 Initial amount of revenue agreed in contract Variation Total contract revenue 9,000 - - 9,000 9,000 200 9,200 6,168 2,032 8,200 1,000 74% 9,000 200 9,200 8,200 - - 8,200 1,000 100% Contract cos ts incurred upto the reporting date 2,093 Contract costs to complete Total estimated contract costs Estimated Profit Stage of completion 5,957 8,050 950 26% The stage of completion for year 2 (74%) is determined by excluding from contract costs incurred for work performed upto the reporting date, Rs. 100 of standard materials stored at the site for use in year 3. The amounts of revenue, expenses and profit recognised in the statement of profit and loss in the three years are as follows: Upto the Reporting Date Year 1 Revenue (9,000x . 26) Expenses (8,050x . 26) Profit 2,340 2,093 247 2,340 2,093 247 Recognised in Recognised in Prior years current year 124 AS 7 (revised 2002) Year 2 Revenue (9,200x . 74) Expenses (8,200x . 4) Profit Year 3 Revenue (9,200x 1. 00) Expenses Profit 9,200 8,200 1,000 6,808 6,068 740 2,392 2,132 260 6,808 6,068 740 2,340 2,093 247 4,468 3,975 493 Contract Disclosures A contractor has reached the end of its first year of operations. All its contract costs incurred have been paid for in cash and all its progress billings and advances have been received in cash. Contract costs incurred for contracts B, C and E inc lude the cost of materials that have been purchased for the contract but which have not been used in contract performance upto the reporting date. For contracts B, C and E, the customers have made advances to the contractor for work not yet performed. Construction Contracts 125 The status of its five contracts in progress at the end of year 1 is as follows: Contract (amount in Rs. lakhs) A Contract Revenue recognised in accordance with paragraph 21 Contract Expenses recognised in accordance with paragraph 21 Expected Losses recognised in accordance with paragraph 35 Recognised profits less recognised losses Contract Costs incurred in the period B C D E 55 55 30 (30) 100 Total 1,300 1,215 70 15 1,420 45 520 380 200 110 - 35 450 350 250 - 70 - 40 30 (90) 110 510 450 250 Contract Costs incurred recognised as contract expenses in the period in accordance with paragraph 21 110 Contract Costs that relate to future activity recognised as an asset in accordance with paragraph 26 Contract Revenue (see above) Progress Billings (paragraph 40) Unbilled Contract Revenue Advances (paragraph 40) 450 350 250 55 1,215 - 60 100 - 45 55 55 - 25 205 1,300 1,235 65 125 145 520 380 200 100 520 380 180 45 - - 80 - 20 20 - 126 AS 7 (revised 2002) The amounts to be disclosed in accordance with the Standard are as follows: Contract revenue recognised as revenue in the period (paragraph 38(a)) Contract costs incurred and recognised profits (less recognised losses) upto the reporting date (paragraph 39(a)) Advances received (paragraph 39(b)) Gross amount due from customers for contract work- presented as an asset in accordance with paragraph 41(a) Gross amount due to customers for contract work- presented as a liability in accordance with paragraph 41(b) 1,300 1,435 125 220 (20) The amounts to be disclosed in accordance with paragraphs 39(a), 41(a) and 41(b) are calculated as follows: (amount in Rs. lakhs) A Contract Costs incurred Recognised profits less recognised losses 110 35 145 Progress billings Due from customers Due to customers 100 45 - B 510 70 580 520 60 - C 450 30 480 380 100 - D 250 (90) 160 180 - (20) E 100 (30) 70 55 15 - Total 1,420 15 1,435 1,235 220 (20) The amount disclosed in accordance with paragraph 39(a) is the same as the amount for the current period because the disclosures relate to the first year of operation.

If you dont pee in your pants or throw up, youre not running fast enough.

If you dont pee in your pants or throw up, youre not running fast enough. On a call with my transformational growth group last week, one of the participants shared her high school running coachs words to the team: If you dont pee in your pants or throw up, youre not running fast enough. I immediately recalled a recent yoga class that I attended, where at the peak of the practice in a hot room I attempted- and came close to achieving- a difficult arm balance pose. I felt a wave of nausea come over me and knew I was venturing into new territory. Then I thought about last summer at the outdoor pool, when I watched a kid on the swim team barf by the fence and then hop right back into the pool. Other images, like early contestants on The Biggest Loser losing their cookies repeatedly, also came to mind. Similar physical reactions can result from experiencing strong emotional reactions. I have seen people vomit while doing emotional work; and I certainly know the feeling of queasiness that can come from touching deep emotional fear and pain, or from taking a risk in interpersonal communication. Sometimes simply the thought of doing something new or different for my business makes me want to throw up. What all these triggers have in common is that they arise when people are pushing past their comfort zone- which, by definition, is not comfortable! But this doesn’t mean that the activity or work is something to be avoided. If there’s anything new you want in your life, whether a physical result or an emotional transformation, you will experience discomfort on the way to achieving it. Is there somewhere in your life where you are jogging along, letting yourself get comfortable and staying there?  What would it look like to push past your comfort zone?  Are you willing to experience fear, nausea, or even peeing in your pants to get the result you want? Im choosing to take that feeling of nausea and/or fear as an indication that Im pushing my life in ways I want to push it. It means Im digging deeper. The payoff is stronger muscles, stronger relationships, and a stronger business. If you want to stretch more than you’re stretching in your life and work, and feel like you don’t have the tools or courage to do it, I recommend the training I’ve been taking part in for the past 2 years. See www.transformweekendtraining.com. The next weekend introductory workshop is March 13-15 in Chicago and you can register for free using code TTCOMP. I will be there and would love to meet you!

How to Create Your Own Homeschool Curriculum

How to Create Your Own Homeschool Curriculum Many homeschooling parents- even those who start out using a pre-packaged curriculum- decide somewhere along the way to take advantage of the freedom homeschooling allows by creating their own course of study. If youve never created your own teaching plan, it can sound daunting. But taking the time to put together a customized curriculum for your family can save you money and make your homeschooling experience much more meaningful. Here are some general steps to follow to help you design a curriculum for any subject. 1. Review Typical Courses of Study by Grade First, you may want to research what other children in public and private schools are studying in each grade in order to make sure your children are covering approximately the same material as other students their age. The detailed guidelines linked below can help you set standards and goals for  your own curriculum. Typical Course of Study for Elementary SchoolTypical Course of Study for Sixth GradeTypical Course of Study for Seventh GradeTypical Course of Study for Eighth GradeTypical Course of Study for Ninth GradeTypical Course of Study for Tenth GradeTypical Course of Study for Eleventh GradeTypical Course of Study for Twelfth Grade 2. Do Your Research. Once you have determined what subjects you will cover, you may need to do some research to make sure you are up-to-date on the particular topic, particularly if its one you are not already familiar with.   One solid way to get a quick overview of a new subject? Read a well-written book on the topic aimed at middle schoolers! Books for that level will tell you everything you need to know to cover the topic for younger students, but still be comprehensive enough to get you started on a high school level. Other resources you can use include: Popular nonfiction young adult books;Websites about a subject for students;Review books written for high school students;Self-help books for adults (such as the For Dummies series);Textbooks, particularly ones that are recommended by other homeschoolers. As you read, make notes on key concepts and topics you may want to cover. 3. Identify Topics to Cover. Once youve gotten a broad view of the subject, start thinking about what concepts you want your children to learn. Dont feel you have to cover everything- many educators today feel that digging deep into a few core areas is more useful than skimming over many topics briefly. It helps if you organize related topics into units. That gives you more flexibility and cuts down on work. (See below for more work-saving tips.) 4. Ask Your Students. Ask your children what they would like to study. We all retain facts more readily when were studying a topic that captivates us. Your children may be interested in topics that fall right in line with what youd want to cover anyway, such as the American Revolution or insects. However, even topics that may not seem educational on the surface can provide valuable learning opportunities. You can study them as-is, weave in related concepts, or use them as a springboard for more in-depth topics. 5. Create a Timetable. Figure out how long you would like to spend on the subject. You can take a year, a semester, or a few weeks. Then decide how much time you want to devote to each topic you want to cover. I recommend creating a schedule around units instead of individual topics. Within that time period, you can list all the topics you think your family would like to learn about. But dont worry about individual topics until you get there. That way, if you decide to drop a topic, youll avoid doing extra work. For instance, you may want to devote three months to the Civil War. But you dont need to plan out how to cover each battle until you dive in and see how it goes. 6. Select High-quality Resources. One big plus of homeschooling is that it lets you use choose the very best resources available, whether they are textbooks or alternatives to textbooks. That includes picture books and comics, movies, videos, and toys and games, as well as online resources and apps. Fiction and narrative nonfiction (true stories about inventions and discoveries, biographies, and so on) can also be useful learning tools. 7. Schedule Related Activities. Theres more to learning a topic than accumulating facts. Help your kids put the topics you cover into context by scheduling in field trips, classes, and community events that relate to the subject you are studying. Search out museum exhibits or programs in your region. Find experts (college professors, craftspeople, hobbyists) who might be willing to talk to your family or homeschool group. And be sure to include lots of hands-on projects. You dont have to put them together from scratch there are lots of well-made science kits and arts and crafts kits, as well as activity books that give you step-by-step directions. Dont forget activities like  cooking, making costumes, creating ABC books, or building models. 8. Find Ways to Demonstrate What Your Kids Have Learned. Written tests are just one way to see how much your students  have learned about a subject. You can have them put together a research project that includes an essay, charts, timelines, and written or visual presentations. Kids can also reinforce what theyve learned by making artwork, writing stories or plays, or creating music inspired by the subject. Bonus Tips: How to make writing your own curriculum quicker and easier: Start small. When youre writing your own curriculum for the first time, it helps to start with one unit study or one subject.Keep it flexible. The more detailed your teaching plan, the less likely you are to stick to it. Within your subject, pick a few general topics you want to touch on. Dont worry if you come up with more topics than you can possibly cover in one year. If one topic doesnt work for your family, youll have options to move on to. And nothing says you cant continue on with a subject for more than a year.Choose topics that interest you and/or your kids. Enthusiasm is contagious. If you child is fascinated with a subject, chances are you will pick up some factoids about it as well. The same goes for you: Teachers who love their topic can make anything sound interesting. Writing your own curriculum doesnt have to be a daunting task. You might be surprised to discover how much you enjoy personalizing your familys curriculum- and how much you learn along the way. Updated by Kris Bales

Customer Service Research Paper Example | Topics and Well Written Essays - 1500 words

Customer Service - Research Paper Example From this paper it is clear that  managements of these agencies are often turning to human resource training and technology to deliver services fast and competently to achieve satisfactions for all queries, complaints or inquiries. Customers have been accustomed to attention from the private sector, and they now want the same from their government agencies. Government agencies have adopted standards of measuring citizens’ satisfaction in responding to their needs through electronic or manual reviews.This study highlights that there has been a shift in the management systems from an emphasis on product quality to Total Quality Management for customer satisfaction.   This change focuses on continual improvement of organization’s output. Quality of outputs in this case very much includes all products and services and the processes that are involved in the production of the products or services. The shift is intended for the sole purpose of meeting, if not surpassing cu stomer expectations. Customer service provision requires the co-operation of all levels of management within the organization.  Most organizations in the world today are registered with different standardization agencies locally or internationally such as The International Customer Service Institute (TICSI) or the International Standard Organization ISO 900 series.  The ‘Soft’ aspect of total quality management focuses on the principles that guide organizations.... The shift is intended for the sole purpose of meeting, if not surpassing customer expectations. Customer service provision requires the co-operation of all levels of management within the organization. Achievement of excellent customer service is guided by tools and principles. The tools are the so-called ‘hard’ aspects of customer service. They include the analyzing systems of an organization’s performance using a wide array of analysis tools and the presentation of these in a way that all the stakeholders using the information can understand that when recommendations are applied, it would lead to better results. Display of organizations’ performance could be represented in various ways including tabulation, graphs, polygons and charts. Statistical analysis of results is a common method used to evaluate performance of output through, mean, mode, probability analysis, critical path analysis and variance and correlation analysis. When these tools are used, q uantitative data is displayed to help in controlling the output be it products or services. Most organizations in the world today are registered with different standardization agencies locally or internationally such as The International Customer Service Institute (TICSI) or the International Standard Organization ISO 900 series. These set up standards of different kinds that aim at improving excellence in customer service by having a policy that focuses on quality improvement. Results from statistical analysis should be checked against these standards, and the necessary areas of improvement are identified. The ‘Soft’ aspect of total quality management focuses on the principles that guide organizations. Emphasis is put in

Necessity of Supply Chain Management Research Paper

Necessity of Supply Chain Management - Research Paper Example The present research has identified that in a round of the activities involved, supply chain management deals with the purchasing and storage of the various raw materials that are necessary for production of the product, the inventory involved within the manufacturing stage (creation of the product) and the handling of the final product up to its point of consumption. It ensures that no snag in terms of the materials involved in any of these stages is come across acting as a hindrance to the provision of the final product to the consumer. The necessity for supply chain management can be seen through the various responsibilities that are seen in this activity. Business has grown and developed over the years and has expanded from the simple buying and selling into a series of activities and responsibilities required to ascertain  the smooth operations of such a setup. One of these responsibilities is supply chain management, and this aspect of the business has become an integral frac tion of the business activities that take place in a company. Supply chain management can be termed as the running of all businesses that happen to be interconnected with one another in relation to their involvement in the provision of a product or a service that is required in the creation of the final end product that is required by a consumer. This means that it deals with all the various parties that are involved in the different steps that are needed in the production of a good or a service so as to ensure that everything goes smoothly.

Benefits of technology evolution Essay Example | Topics and Well Written Essays - 1250 words

Benefits of technology evolution - Essay Example Speaking about the evolution of technology we can’t but say that the question if it benefits us or not is rather controversial. The trouble is that some inventions in the field of technology are beneficial, but some of them on the contrary cause a lot of harm. Some people even state that technology makes us â€Å"imprisoned† that means too much dependence on the technology. Thus, some individual reject technology recollecting the life of our ancestors, who had a chance to live longer maybe because technology was not so highly developed. However, we can argue that technology is still very helpful and it is not possible to live without it in the modern world. But for the technology we would lose many opportunities. First, technology helps us to maintain physical health. Using special technological adjustments such as artificial limbs and pacemaker, many people have an opportunity to live full-fledged life. Certainly, we should not rely on the technology and conduct health y way of life. Some people make a mistake believing that technology can always save them. Thus they ignore physical activity and consume unhealthy food. Technological opportunities in the field of healthcare are not unlimited, however, they can save lives of many people. For example, pacemaker can make one’s heart beating after it stops! There is no need to say how many lives were saved with the help of this technological adjustment. Those people who went through amputation can keep living full-fledged lives with the help of artificial limbs. But for this adjustment, their abilities would be limited and they would have to use wheelchairs and would always need somebody’s help if decide to go outside. We even do not need to mention such devices as ultrasound and X-ray, which are invaluable in the process of illness diagnosis. Technology allows patients to contact the specialist they need through the internet. Also there is an opportunity for nurses to monitor patients di stantly. Doctors also have easy access to patients’ history that is stored in computers. Field of education also benefits from technology evolution. Students have easy and fast access to different kinds of information. Online tests help check the level of knowledge. The opportunities provided by the technology are also invaluable for teachers as they are able to get the material needed for the classes in the internet with no need to look for it in the library. Students can pass exams in the electronic regime and teachers can send instructions by e-mail. Technology also helps develop curriculum: â€Å"The traditional, paper-based development process has some crucial problems. Conducting needs assessments, holding committee meetings of teachers and development experts, mailing materials to reviewers, and waiting for responses takes enormous time and effort and often results in low participation. Most importantly, logistical constraints mean that the people most directly impact ed by the new materials—teachers and students—are too often not included in the development process (apart from a few committee representatives) and commonly find that the materials created lack quality and usefulness†(Scholl). Communication also represents a field that benefits from technology. In the past people had to cross long distance just to talk to each other or transfer some message. â€Å"Modern technology has made it simple to discover our old friends and also discover new people

Functions of Management are Evolving in Todays Business Environment Research Paper

Functions of Management are Evolving in Todays Business Environment - Research Paper Example The contemporary managers are anticipated to take lead in the development of sound business solutions, as well as the eventual development of the considered business working policies. This has been weighed against the performance policies adopted by the firm. Contemporary managers have proceeded to create an atmosphere for idea brainstorming as well as the pooling of knowledge. This attribute has been used to steer the firm towards its considered path of success. This is unlike the policies adopted by the traditional managers who were deemed as the source of the policies with the staff being anticipated to proceed with the enactment policies. The role of managers in the shaping of the ethics has been mapped along both the implementation and the oversight. The managers have been anticipated to presume the lead in the development of the respective ethics policies, as well as their implementation. The managers take the initiative of implementation the ethics policies. This allows the rest of the staff an opportunity to be considered on the benefits of the respective policies, as well as considering the contribution they stand to offer towards the bettering of the workplace. The managers allow for the development of this reflection. Additionally, the concept of illustrating the guide for the rest of the employees remain best described via the actions of the managers. The Managers allow for the reflection of the model that is anticipated to be expressed in character reflection. Additionally, the managers are anticipated to be keen on ensuring that the rest of the staff remain committed to the ethics policy adopted by the firm. This is with respect to the prospective role they presume in the guiding of the considered staff. The managers are tasked with the promotion of the adopted habits in the workplace. Ethics comprise of such habits and govern the behavior of the respective employees. The staffs operate under the guidance of the managers, hence their contribution to the shaping of the behaviors of these persons.

SUCCESSFUL STRATEGIC PLANNING Research Paper Example | Topics and Well Written Essays - 750 words

SUCCESSFUL STRATEGIC PLANNING - Research Paper Example With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness? This article has been an attempt to shed light on some of the nuances of a successful strategic plan. In the current economic turmoil many organizations have claimed that survival in their respective industry was mainly due to a strong, long-term and usable strategic plan. Organizations that failed to follow their strategic plan or did not have a workable plan in the first place, are facing extinction. With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness? A strategic plan is the roadmap of an organization. It tells an organization who it is, what does it aspire to be, how to get there and how to continue to grow. A strategic plan at its core clearly defines how an organization will achieve its vision. This is in striking contrast to a long-range plan which primarily focuses on determining an organization’s vision (McKay, 2001). Before writing a strategic plan, an organization must determine why it needs a strategic plan. Is the plan required for governance, for a new program development or as an instructional guide to provide a common vision and focus, with agreed-upon goals and strategies? Having clearly defined the need for a strategic plan, the organization then moves to developing a strategic plan. Conduct an environmental scan: This process is usually termed as the SWOT analysis. SWOT stands for Strength, Weakness, Opportunity and Threat. A SWOT analysis is crucial to gauge how an organization relates to the external

Japan U.S. relation Essay Example | Topics and Well Written Essays - 1500 words

Japan U.S. relation - Essay Example In 1639, the shogunate commenced the isolationist sakoku ("closed country") policy spanning two and a half centuries of feeble political unity known as the Edo period. (Frost, 25-7) Late in the nineteenth century, abundance of the prerogative and the resignation of the shogunate led to the founding of a centralized state integrated under the name of the Emperor. Influenced by Western political, judicial and military institutions, the Cabinet prepared the Privy Council, brought in the Meiji Constitution, and assembled the Imperial Diet. This transformed the Empire of Japan into an industrialized world power that got into a number of military conflicts to increase the empire's sphere of authority. Today, Japan is a constitutional monarchy, with the powers of the Emperor being very limited. Seen as a ceremonial figurehead, the constitution defines him as "the symbol of the state and of the unity of the people". (NDL, 1) Power is chiefly vested in the Prime Minister of Japan and other elected members of the Diet, while Japanese people are the root of the sovereignty. The relationships between U.S and Japan date back to the 1850's when Commodore Matthew Perry with his "Black Ships" sailed to Japan and signed the Convention of Kanagawa in order to initiate trade between Japan and U.S. This ended the sakoku policy of Japan and 300 year seclusion from the outside world. A few years later, the first Japanese embassy to the United States ever, was sent to ratify the new Treaty of Friendship, Commerce, and Navigation among the two regimes. Subsequent to the Meiji Restoration of 1867, the United States aided Japan in its modernization of its economy and of its military. This resulted in the new constitution of Japan being partly influenced by the United States Constitution. (Hay, 1) Diplomatic relations ended with the Japanese attack on Pearl Harbor on December 7, 1941, drawing the United States into World War II. The war ended after the Atomic bombings of Hiroshima and Nagasaki in August 1945. After the end of the Second World War, Japan was taken under control by the Allied Powers, led by the United States. The San Francisco Peace Treaty, signed on September 8, 1951, manifested the end of the Allied occupation, and Japan regained its independence on April 28, 1952. The early post-occupation period Japan needed direct United States economic assistance. The general Japanese public feeling of dependence decreased gradually as the devastating results of World War II faded into the background and commercial activities with the United States saw a significant growth. (Huntington, 3-17) Self-confidence increased as the country applied its assets and organizational skill to retrieve economic health. This led to a general want for greater autonomy from United States influence. Bilateral talks on improving the 1952 security pact started in 1959, and the new Treaty of Mutual Cooperation and Security was signed in Washington on January 19, 1960. The pact, when presented to the Diet for approval, stirred a bitter argument over the Japan-United States relationship and a violent all-out effort was made by the leftist opposition to thwart its passage. Under this treaty, both U.S and Japan assumed an obligation to aid each other in case of an armed attack on provinces under Japanese supervision. (LaFeber, 165) It was however implicit, that Japan could not come to

SUCCESSFUL STRATEGIC PLANNING Research Paper Example | Topics and Well Written Essays - 750 words

SUCCESSFUL STRATEGIC PLANNING - Research Paper Example With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness? This article has been an attempt to shed light on some of the nuances of a successful strategic plan. In the current economic turmoil many organizations have claimed that survival in their respective industry was mainly due to a strong, long-term and usable strategic plan. Organizations that failed to follow their strategic plan or did not have a workable plan in the first place, are facing extinction. With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness? A strategic plan is the roadmap of an organization. It tells an organization who it is, what does it aspire to be, how to get there and how to continue to grow. A strategic plan at its core clearly defines how an organization will achieve its vision. This is in striking contrast to a long-range plan which primarily focuses on determining an organization’s vision (McKay, 2001). Before writing a strategic plan, an organization must determine why it needs a strategic plan. Is the plan required for governance, for a new program development or as an instructional guide to provide a common vision and focus, with agreed-upon goals and strategies? Having clearly defined the need for a strategic plan, the organization then moves to developing a strategic plan. Conduct an environmental scan: This process is usually termed as the SWOT analysis. SWOT stands for Strength, Weakness, Opportunity and Threat. A SWOT analysis is crucial to gauge how an organization relates to the external

Dramatic tension for the audience Essay Example for Free

Dramatic tension for the audience Essay In the play, A View From The Bridge, Arthur Miller gave the audience an impression that the Italian immigrants werent welcome to the USA. The scene is set in New York and it relates to six main characters, who are all individuals and play unique roles. Arthur Miller was born on October 17th in 1915 in New York City. He was a prominent figure in American literature and his career as a writer spanned over seven decades. He is considered by audiences as one of Americas greatest play writers, and his plays are widely recognised throughout the world. The play is set in Red Hook. The main focus and stage is the Carbones living and dining room. Alfieri thinks that the public do not appreciate lawyers or priests because he says You see how uneasily they nod to me? Thats because I am a lawyer. In this neighbourhood to meet a lawyer or a priest on the street is unlucky. Were only thought of in connection with disasters, and theyd rather not get too close. A slight of distrust lies in the neighbourhood because he can sense that the law wasnt an amicable idea since the Greeks were beaten. People have told him that the neighbourhood lack an element of elegance and glamour. The neighbourhood consisted of longshoremen and their wives and fathers and grandfathers and poor people. Red Hook was considered quite a dangerous place but now its quite civilized, quite American. Alfieri can foretell the rest of story as he tells the audience that they should watch the situation run its bloody course, and followed that by introducing Eddie Carbone by saying this ones name was Eddie Carbone. The way Arthur Miller uses Alfieri to say this ones, shows that Alfieri has seen this many times before and is giving us a hint that the play is not going to end well. Eddie is introduced on stage by pitching coins with the men, in which he highlighted from them, He is forty-a husky, slightly overweight longshoreman. When Eddie enters his apartment and meets Catherine, there is quite a friendly atmosphere but this changes quickly when Eddie criticizes the way Catherine walks and her appearance. The conversation ends when Eddie says that Beatrices cousins are coming. Here we can get the feeling that Eddie has undiscovered sexual feelings and is very possessive over Catherine. While the family were waiting for Beatrices cousins, Eddie is telling the story of Vinny Bolzano. The story has a significant importance because this play also has a similar story as Bolzano. Miller uses Eddie as the person who informs the immigration about Beatrices cousins (just like the young boy did to his uncle in Bolzanos story). Marco appears to be suspicious initially. He is quite stiff towards Eddie and gives him control of when he requires them to leave. There is an instant reaction where Rodolfo is introduced, we can see Catherine is attracted by his appearance, she asked him many questions like How come hes so dark and youre so light, Rodolfo (you can see how she just addressed the question directly to Rodolfo). Catherine also is astonished, as she said to Beatrice Hes practically blond! . Eddie however assumes that he is homosexual because he has blond hair and sings the song Paper Doll. Eddie doesnt understand the law because he doesnt see the need of obtaining evidence to prove Rodolfo guilty. He just assumes that Rodolfo wants to marry Catherine for the right to stay and become an American citizen. It is difficult for Eddie to express his emotions because he has intimate feelings towards Catherine. Alfieris advice to Eddie was to inform the immigration as to how Beatrices cousins entered the country illegally. Initially Eddie is shocked at the advice and says Oh, Jesus, no, I wouldnt do nothin about that. Alfieri also advised Eddie to learn to let Catherine go. He says The child has to grow up and go away, and the man has to learn to forget. Eddie does not want to let Catherine go. This could result in two endings, either Eddie snitches on Rodolfo and Marco or lets his niece live her life the way she wants to. Catherine starts off a conversation about the places where Marco and Rodolfo have been to. Eddie doesnt seem too convinced when Catherine says theyve been to Africa, and says its true Eddie. Miller uses his stage directions to show that Eddie is only asking Marco about the places they have visited. Then the conversation diverts to Catherine asking Eddie about oranges and lemons growing on trees. Eddie replies directly to Marco. He becomes very aggressive and rude when Rodolfo intervenes. Eddie gets very hostile and snaps back at Rodolfo by saying I know lemons are green, for Christs sake, you see them in the store theyre green sometimes. I said oranges they paint, I didnt say nothin about lemons. . Another incident rises when Eddie has a conversation about how he can teach boxing to Rodolfo. Eddie picks on Rodolfo and tries to intimidate and patronise him. They both throw in some light punches but Eddie gets carried away and grazes Rodolfo. Catherine is astonished and Eddie replies Why? I didnt hurt him. Did I hurt you kid? . Marco had realised that Eddie was bothered by Rodolfo. Marco showed his strength towards Eddie by raising the chair over his head. He does this to make Eddie aware that if anything happens to Rodolfo, Eddie will have to pay the consequences. Arthur Miller shows that Marco has had enough and understands whats going on, the stage directions describes Marco with a strained tension gripping his eyes and jaw, his neck stiff, he also used a simile the chair raised like a weapon over Eddies head. Eddie then realises what Marco meant, his grin vanishes as he absorbs his looks. . This shows us that Marcos hamartia is Rodolfo.